ISLAMABAD: The one of the top intelligence department of the Federal Board of Revenue (FBR) is investigating about those people who are trying to use digital currency to escape taxes or launder money.
Even, The State Bank of Pakistan (SBP) does not want to recognize cryptocurrencies, such as bitcoin,litecoin. These digital currencies are also traded as artefact.
Actually, Some senior tax officials claims that people are using these digital currencies to avoid taxes.They are buying bitcoin to launder their tax-escape money, he said, adding that they easily land their black money out of the pakistan very easily.
The anti-money laundering cell of the Directorate General of Intelligence and Investigation, Inland Revenue (I&I-IR) started investigating on Wednesday the financial affairs of people having huge investments in cryptocurrencies, including bitcoin.
Read more
In Pakistan, the purchasing of bitcoin is on the rise nowadays! But on the same side, They are trying to ban these digital currencies because according to them, it's totally a decentralized system and currently, there is no law against such cases!
I hope they won't ban it in Pakistan. Please share your reviews!